What’s the Deal with Finance Transformation versus Modernization?

Transformation – it’s a term that has been used for many years to describe any changes being adopted in businesses to make them more effective and efficient.

In the case of finance transformation, it’s often talked about in terms of re-engineering people, processes and systems to reduce costs, reduce cycle time, and make finance more strategic, ‘transforming’ it from a back-office scorekeeper function to a true business partner to the CEO and to the organization.

This topic is so broad, I’ve divided the information into two articles. In this part, I touch on the traits of modern CFOs, then define finance transformation vs modernization and how the two work hand-in-hand.

Today’s competitive business environment demands more from the FP&A function. Innovation, agility, and growth are competitive necessities, and now more than ever businesses are turning to finance to identify and drive the initiatives that support these strategic goals. Read more

Enterprise software solutions for budgeting, planning, and forecasting (BPF) provide chief financial officers with higher quality results and with much greater efficiency than the traditional method: spreadsheet solutions shared via email. A survey of senior finance executives shows that most—54 percent—still use spreadsheets for their BPF. But the survey also shows that more companies will… Read more